Asbury Park has the opportunity to preserve the city’s North Beach property, one of the last open spaces along the New Jersey coast. The city wants to buy back the development rights for the six-tenths of an acre North Beach parcel, including approximately 850 feet along the ocean, to preserve the property as open space under the state Department of Environmental Protection’s Green Acres program.

The city should move ahead with the application in time to satisfy the July 31 Green Acres deadline. But then it needs to carefully examine the next steps, including whether the fair market value of those development rights is indeed $3.5 million, as pegged by an appraiser hired by the county in 2012, and, if so, what funding sources are available to the city to buy those rights back from master developer iStar.

The city owns the Ocean Avenue right of way from the sewage treatment plant to near the Loch Arbour boundary. But iStar owns the development rights and has the right to take ownership. Representatives from iStar had indicated in 2012 that they would be willing to consider selling the development rights if they received what they have called “fair treatment and just compensation” for those rights — “well in excess of $3.5 million,” in their view. They have tentative plans to build 15 townhouses on the property.

Proponents of preserving the property have contended the cost of such preservation would not burden Asbury Park. The Jersey Shore chapter of the Surfrider Foundation maintains that Asbury Park could receive 75 percent of the acquisition costs through the Green Acres program. The advocates’ hope is that the county will foot the remaining 25 percent.

Asbury Park needs to confirm that rosy scenario. The Monmouth County Board of Freeholders has yet to commit to anything regarding the acquisition of the North Beach property. The public will have an opportunity to ask board members about their intentions when the freeholders meet June 26 in Asbury Park.

Although the issue of preservation versus development of the property has been batted around for a number of years, the submission of a Green Acres application by the city would send the message that it is serious about trying to preserve the property. It also means the City Council has to plan for what steps to take if the Green Acres application is accepted.

There are a number of questions the city must ask and eventually answer in pursuit of the Green Acres funding. What does it plan to do with the land if it is acquired? Will the county provide any financial support for the purchase, maintenance or operation of it? What additional recreational benefit will the site provide? Responses to these questions will allow the city to answer the two most important ones: Is the cost — $3.5 million or more — worth it? And can Asbury Park afford it?